BMW 2014 Annual Report Download - page 24
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24
18 COMBINED MANAGEMENT REPORT
18
General Information on the
BMW
Group
18 Business Model
20 Management System
23 Report on Economic Position
23 General and Sector-specific
Environment
26 Overall Assessment by Management
26
Financial and Non-financial
Performance Indicators
29 Review of Operations
49 Results of Operations, Financial
Position and Net Assets
61 Comments on Financial Statements
of BMW AG
64 Events after the End of the
Reporting Period
65 Report on Outlook, Risks and
Opportunities
65 Outlook
70 Report on Risks and Opportunities
82 Internal Control System and Risk
Management System Relevant for
the
Consolidated Financial Reporting Process
83 Disclosures Relevant for Takeovers
and Explanatory Comments
87
BMW Stock and Capital Markets
over the course of the year, many emerging market
currencies – such as those of India, Brazil and South
Africa – lost further ground in 2014. The depreciation
of the Russian rouble was particularly pronounced at
the beginning of the Ukraine crisis and then again
towards the end of the year, when it fell to a value of
70.98 roubles to the euro.
Energy and commodity prices
Oil prices plummeted during the second half of 2014.
Although the average price of Brent Crude oil during
the twelve-month period was only slightly down at
US dollar 100 per barrel, its price tumbled from over
US dollar 110 to around US dollar 55 per barrel within
a period
of six months. The story was similar for WTI
Crude oil with an annual average price of approxi-
mately US dollar 93 per barrel. Generally speaking,
metal prices fell slightly during the course of the year.
Automobile markets
The worldwide market for passenger cars and light com-
mercial vehicles grew once again in 2014, surpassing
the threshold of 80 million vehicles for the first time
Steel price trend
(Index: January 2010 = 100)
170
160
150
140
130
120
110
100
10 11 12 13 14
Source: Working Group for the Iron and Metal Processing Industry.
Oil price trend
Price per barrel of Brent Crude
120
110
100
90
80
70
60
50
10 11 12 13 14
Source: Reuters.
Price in €
Price in US Dollar
Exchange rates compared to the euro
(Index: December 2009 = 100)
160
150
140
130
120
110
100
90
80
10 11 12 13 14
Source: Reuters.
British Pound
Russian Rouble
Chinese
Renminbi
Japanese Yen
US Dollar
Japanese YenRussian Rouble US Dollar Chinese RenminbiBritish Pound